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Infosys gets demand notice of ₹341 crore from income tax department

Livemint

Livemint · 1y ago

Infosys gets demand notice of ₹341 crore from income tax department

Infosys, the IT giant, has disclosed that it received a tax demand of ₹341 crore from the Income Tax department for the assessment year 2020-21. The company is assessing the implications of this demand on its financial statements and considering filing an appeal against it. Additionally, a subsidiary of Infosys has been instructed to refund ₹15 crore for the 2014-15 assessment year. However, Infosys is also set to receive a tax refund of ₹6,329 crore and has a tax liability of ₹2,763 crore for various assessment years. The company is evaluating the impact of these orders on its financial statements.

Related News

Infosys receives tax demand of ₹341 crore

Thehindubusinessline

Thehindubusinessline · 1y ago

Infosys receives tax demand of ₹341 crore

IT company Infosys has been slapped with a tax demand of ₹341 crore by the Indian Income Tax Department for the assessment year 2020-21. Infosys is currently evaluating the implications of this order on their financial statements and is considering filing an appeal. Additionally, one of the company's subsidiaries has received a refund order amounting to ₹15 crore for the assessment year 2014-15. This comes after Infosys was reported to be expecting a refund of ₹6,329 crore from the IT department. Infosys had previously disclosed a tax demand of around ₹2,763 crore.

Polycab share price tanks on reports of over ₹200-crore tax evasion

Livemint

Livemint · 1y ago

Polycab share price tanks on reports of over ₹200-crore tax evasion

Wire and cable manufacturer Polycab is facing allegations of tax evasion, with the Income Tax Department claiming that the company has undisclosed income amounting to ₹200 crore. Polycab denies any wrongdoing and has not received any official communication from the department. The company's stock was down 7.33% following the news. The Income Tax Department conducted searches at Polycab's premises, revealing discrepancies in financial records. The department plans to issue a notice to demand payment of the alleged taxes and penalties.

BlackBuck To Appeal Tax Demand Notice Over TDS Issues

Inc42 · 1m ago

BlackBuck To Appeal Tax Demand Notice Over TDS Issues

BlackBuck, a logistics startup, received a tax demand notice of INR 28.55 lakh from the Income Tax Department for failing to deduct tax on certain expenses eligible for TDS. The notice, dated July 7, has prompted BlackBuck to plan an appeal, claiming a strong case on its merits. In Q4 FY25, the company reported a net profit of INR 280.1 crore, a significant turnaround from a net loss of INR 90.8 crore the previous year.

Infosys to receive windfall tax refund of ₹6,329 crore from IT department

Livemint

Livemint · 1y ago

Infosys to receive windfall tax refund of ₹6,329 crore from IT department

Infosys, an IT major, is set to receive a tax refund of ₹6,329 crore from the income tax department. However, the company also faces a tax liability of ₹2,763 crore as per assessment orders. These refunds, including interest, relate to assessment years from 2007-08 to 2018-19. Infosys is evaluating the implications of these orders on its financial statements. Additionally, Infosys subsidiaries have received assessment orders, resulting in a tax demand of ₹277 crore covering assessment years from 2018-19 to 2021-23. The company is considering appealing against these orders and is assessing the impact on its financial records.

Hero MotoCorp gets demand notice of ₹605 crore from Income Tax Department

Livemint

Livemint · 1y ago

Hero MotoCorp gets demand notice of ₹605 crore from Income Tax Department

Hero MotoCorp, the largest two-wheeler manufacturer, has received a tax demand notice from the Income Tax Department amounting to ₹605 crore, including interest, for six assessment years. The notice is related to certain disallowances in assessment years FY14 to FY18 and FY20. Hero MotoCorp stated that it is reviewing the orders and will take necessary actions, including filing appeals and rectification applications. The company had recently reported a 5.5% growth in total sales for FY24, selling 56,21,455 units compared to 53,28,546 units in the previous fiscal year.

Tech giant Infosys to receive windfall tax refund of Rs 6,329 crore from I-T department

IndianStartupNews

IndianStartupNews · 1y ago

Tech giant Infosys to receive windfall tax refund of Rs 6,329 crore from I-T department

Indian technology company Infosys is set to receive a tax refund of around $750 million from the Income Tax Department. The refund covers multiple assessment years from 2007-08 to 2018-19. However, Infosys also faces tax liabilities of about $360 million for the assessment year 2022-23 and a demand of $540,000 for the year 2011-12. Additionally, several subsidiaries of Infosys have received assessment orders, resulting in a collective tax demand of approximately $37 million. The company is evaluating the implications of these orders on its financial statements and may appeal against them.

ICICI Prudential gets GST demand notice of ₹429 crore from Maharashtra tax authority | Mint

Livemint

Livemint · 11m ago

ICICI Prudential gets GST demand notice of ₹429 crore from Maharashtra tax authority | Mint

ICICI Prudential Life Insurance has received a tax demand notice amounting to ₹429.05 crore from the Deputy Commissioner of State Tax in Maharashtra. The notice includes a Goods and Services Tax (GST) demand of ₹208.02 crore, along with interest and penalties. The company plans to challenge the notice with the Commissioner (Appeals) within the specified time frame. This development comes as GST authorities have issued around 20,000 notices to several corporate entities across India, amounting to ₹80,000 crore. The tax demand in ICICI Pru Life's case is due to alleged infractions related to input tax credit and discrepancies in GST returns.

Zomato gets ₹9.45 crore GST notice, plans to appeal against tax order | Mint

Livemint

Livemint · 1y ago

Zomato gets ₹9.45 crore GST notice, plans to appeal against tax order | Mint

Food delivery provider Zomato has received a Goods and Services Tax (GST) demand notice of INR 9.45 crore from tax authorities in Karnataka, India. The notice includes a GST amount of INR 5.01 crore, along with interest charges and penalties. Zomato plans to appeal the order as it believes it has a strong case. This is not the first time the company has faced a tax notice, as it received a similar demand for payment in 2021.

TCS employees receiving income tax notices are a ‘discrepancy’, ITRs will be reprocessed: Report | Mint

Livemint

Livemint · 10m ago

TCS employees receiving income tax notices are a ‘discrepancy’, ITRs will be reprocessed: Report | Mint

Tata Consultancy Services (TCS) has stated that the tax demands sent to its employees were a discrepancy, and the Department of Income Tax will reprocess the returns. Approximately 40,000 TCS employees received tax notices, demanding between ₹50,000 and ₹1 lakh, depending on their seniority. TCS assured employees that they will receive rectification intimations and are not required to pay any demand amount. The IT major did not offer a comment on the matter but confirmed receiving a clarification from tax authorities regarding the income-tax demand notice issue.

Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice

Inc42 · 1y ago

Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice

Binance, a popular cryptocurrency exchange platform, has been issued a show-cause notice by the Directorate General of Goods and Services Tax Intelligence (DGGI) in India. The notice demands payment of INR 722 crore in Goods and Services Tax (GST). The tax demand arises from transaction fees amounting to INR 4,000 crore collected by Binance from Indian traders. This follows a recent fine of INR 18.82 crore by the Financial Intelligence Unit (FIU) for violations of anti-money laundering regulations.

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